CMB.TECH announces final year results

CMB.TECH NV.

CMB.TECH ANNOUNCES FINAL YEAR RESULTS 
TRANSFORMATIONAL YEAR AND STRONG EARNINGS

ANTWERP, Belgium, 27 March 2025 – CMB.TECH NV (“CMBT”, “CMB.TECH” or “the Company”) (NYSE: CMBT & Euronext: CMBT) reported its final financial results today for the full year ended 31 December 2024.

HIGHLIGHTS 2024

Profit of USD 93.1 million in Q4 2024 bringing full year profit to USD 870.8 million​ Total contract backlog increased to USD 2.94 billion Name change from Euronav to CMB.TECH (ticker symbol CMBT) CMB.TECH focused on its fleet rejuvenation with 21 newbuild deliveries Further fleet expansion with 1 container vessel, 2 dry bulk carriers, 2 product tankers, 6 chemical tankers and 2 CTVs contracted in 2024 & Q1 2025 Sale of 6 older Suezmaxes, 4 older VLCCs and 1 container vessel New hydrogen engine R&D Center in Japan Sale of Euronav Ship Management Hellas (ESMH) to Anglo- Eastern Univan Group

HIGHLIGHTS Q1 2025

CMB.TECH joins forces with MOL to jointly own and charter a total of 9 ammonia-fuelled vessels Share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited

For the fourth quarter of 2024, the company realised a net gain of USD 93.1 million or USD 0.48 per share (fourth quarter 2023: a net gain of USD 406.6 million or USD 2.01 per share). EBITDA (a non-IFRS measure) for the same period was USD 180.4 million (fourth quarter 2023: USD 474.4 million).

Alexander Saverys (CEO) said:
“In 2024, Euronav became CMB.TECH. We transitioned from being a pure-play crude oil carrier to a future-proof and diversified maritime group. Our strategy of diversification and decarbonisation is in full swing: we have taken delivery of 21 newbuildings, we have sold 10 older tankers, we have ordered 13 new ships, we have inaugurated our hydrogen production facility in Walvis Bay (Namibia) and we have opened our Hydrogen Engine R&D Centre in Japan. In the first quarter of 2025, we acquired the shares of Golden Ocean from Hemen Holding Ltd. and signed a landmark agreement with MOL for nine ammonia-fuelled ships, which is an important milestone towards the shipping industry's goals of achieving zero emissions by 2050. More than ever, we are decarbonising today to navigate tomorrow!”

CMB.TECH FLEET DEVELOPMENTS

RECAP 2024

In 2024, CMB.TECH focused on its fleet rejuvenation with 21 newbuild deliveries (3 Suezmaxes, 8 dry bulk carriers, 4 container vessels, 4 chemical tankers, and 2 CTVs) and the sale of 6 older Suezmaxes, 4 older VLCCs and one container vessel. Furthermore, the company also ordered an additional 7 vessels (2 Newcastlemaxes, 2 product tankers, one container vessel and 2 CSOVs).

Story Continues

VESSELS CAPITAL GAIN IN USD

The total capital gain in 2024 amounted to USD 635.0 million and in Q1 2025 the capital gain will amount to approximately USD 46.5 million.

CORPORATE UPDATE
CMB.TECH has entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca. 40.8%1 of Golden Ocean’s outstanding shares and votes which includes all Golden Ocean shares controlled by Hemen), at a price of USD 14.49 per share.

On 21 March 2025, Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the Company. Taking into account these changes, the Board of Directors currently consists of Mr. James O’Shaughnessy, Ms. Tonesan Amissah, Mr. Patrick De Brabandere and Mr. Patrick Molis.

MARKET & OUTLOOK

An overview and outlook of the markets can be found in our Q4 2024 press release.

Key figures

The most important key figures are:   (in thousands of USD)   Fourth Quarter 2024  Fourth Quarter 2023  YTD 2024  YTD 2023   Revenue   226,029  268,633  940,246  1,235,127  Other operating income   8,254  3,811  50,660  23,316   Raw materials and consumables   (1,576)  —  (3,735)  —  Voyage expenses and commissions   (42,692)  (38,418)  (174,310)  (142,090)  Vessel operating expenses   (52,817)  (57,545)  (199,646)  (231,033)  Charter hire expenses   (3)  (2,071)  (138)  (4,500)  General and administrative expenses   (24,616)  (21,983)  (77,766)  (62,532)  Net gain (loss) on disposal of tangible assets   71,114  323,327  635,017  372,444  Depreciation   (43,911)  (49,417)  (166,029)  (221,040)  Impairment losses   (1,847)  —  (1,847)  —   Net finance expenses   (47,096)  (18,004)  (130,650)  (104,729)  Share of profit (loss) of equity accounted investees   (1,418)  (915)  920  (927)  Result before taxation   89,421  407,418  872,722  864,036   Tax benefit (expense)   3,709  (835)  (1,893)  (6,009)  Profit (loss) for the period   93,130  406,584  870,829  858,027   Attributable to: Owners of the Company   93,130  406,584  870,829  858,027

Information per share:   (in USD per share)  Fourth Quarter 2024  Fourth Quarter 2023  YTD 2024  YTD 2023   Weighted average number of shares (basic) *  194,216,835  202,035,555  196,041,579  201,901,743  Result after taxation  0.48  2.01  4.44  4.25

The number of shares issued on 31 December 2024 is 220,024,713. However, the number of shares excluding the own shares held by CMB.TECH at 31 December 2024 is 194,216,835.

EBITDA reconciliation:   (in thousands of USD)   Fourth Quarter 2024  Fourth Quarter 2023  YTD 2024  YTD 2023   Profit (loss) for the period   93,130  406,584  870,829  858,027  + Net interest expenses   47,096  17,592  130,650  105,110  + Depreciation of tangible and intangible assets   43,911  49,417  166,029  221,040  + Income tax expense (benefit)   (3,709)  835  1,893  6,009  EBITDA (unaudited)   180,428  474,428  1,169,401  1,190,186

EBITDA per share:   (in USD per share)   Fourth Quarter 2024  Fourth Quarter 2023  YTD 2024  YTD 2023   Weighted average number of shares (basic)   194,216,835  202,035,555  196,041,579  201,901,743  EBITDA   0.93  2.35  5.97  5.89

All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.

TCE

The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows:

In USD per day  Full year 2024 Full year 2023 VLCC Average spot rate (in TI Pool)* 44,600 47,600 Average time charter rate** 46,600 48,500 SUEZMAX Average spot rate*** 45,600 55,700 Average time charter rate 31,000 30,500 DRY-BULK VESSELS Average spot rate*** 30,600  CONTAINER VESSELS Average time charter rate 29,400  CHEMICAL TANKERS Average spot rate* 25,600  Average time charter rate 19,900  OFFSHORE WIND (CTV) Average time charter rate 2,973

*CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical offhire days)
**Including profit share where applicable
*** Reporting load-to-discharge, in line with IFRS 15

Difference between Q4 2024 preliminary results and Q4 2024 final results

The only difference is situated in the balance sheet which is related to a netting of deferred tax assets and liabilities for an amount of USD 6.6 million.

Independent auditor's procedures

The statutory auditor, BDO Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Veerle Catry, has confirmed that the audit procedures, which have been in relation to the financial information for the year ended 31 December 2024 in accordance with the International Standards on Auditing are substantially completed and have not revealed any material corrections required to be made to the financial information included in the company’s annual announcement.

CMB.TECH highlights in 2024
24 January 2024

The Newcastlemax the Mineral Luxembourg (2024 – 210,000 dwt) was delivered.

6 February 2024
CMB.TECH took delivery of Suezmax Bristol (2024 – 156,851).

7 February 2024

Euronav NV (now CMB.TECH NV) held a Special Meeting of Shareholders to approve the purchase of 100% of the shares of CMB.TECH Enterprises NV for a total purchase price of USD 1.150 billion in cash.

12 February 2024

CMB.TECH, in partnership with Yara Clean Ammonia, North Sea Container Line and Yara International, announced the order of the world's first ammonia-powered container ship, Yara Eyde.

14 February 2024

The group announced the launch of the mandatory public takeover bid by CMB on all the shares in Euronav NV (now CMB.TECH NV).

26 February 2024

CMB.TECH announced it had concluded an order for two product tankers with China Merchants Jinling Shipyard (Yangzhou) Dingheng Co.

18 March 2024

The group confirmed that the acceptance period of the mandatory public takeover bid launched by CMB NV (the "Bidder") for all shares issued by Euronav NV (now CMB.TECH) not already owned by CMB or its affiliates (the "Bid"), expired on 15 March 2024.

19 March 2024

The Newcastlemax the Mineral France (2024 – 210,000 dwt) was delivered.

20 march 2024

CMB.TECH has sold the VLCC Nectar (2008 – 307,284 DWT), VLCC Newton (2009 – 307,208 DWT), and VLCC Noble (2008 – 307,284 DWT). The vessels were delivered to their new owner during Q2 2024 and a capital gain of approximately USD 82.7 million was booked.

22 March 2024

CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 4,719,534 of its own shares.

29 March 2024

CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 2,620,931 of its own shares.

8 April 2024

CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 412,926 of its own shares.

12 April 2024

The group took delivery of the Bochem Casablanca (2024- 25,000 dwt).

15 April 2024

CMB.TECH announced it had purchased on NYSE and on Euronext Brussels a total of 263,771 of its own shares.

16 April 2024

CMB.TECH and Anglo-Eastern Univan Group (“Anglo-Eastern”) announced a Heads of Agreement (“HoA”) for the sale and purchase of Euronav Ship Management Hellas (“ESMH”), Euronav (now CMB.TECH)’s ship management arm.

2 May 2024

Cleanergy Solutions Namibia (a joint venture between CMB.TECH and the Ohlthaver & List Group) welcomed His Majesty the King of the Belgians and His Excellency dr. Nangolo Mbumba, President of the Republic of Namibia to Cleanergy’s hydrogen production and refuelling station in Walvis Bay, Namibia.

13 May 2024

CMB.TECH took delivery of the CMA CGM Baikal. This ship had been previously sold and a capital gain of USD 15.6 million was booked in Q2 2024.

16 May 2024

The group held its General Meeting of Shareholders.

23 May 2024

CMB.TECH and Damen signed a collaboration agreement on four hydrogen-powered ASD Tugs. Built by Damen, these vessels will use CMB.TECH's innovative dual fuel hydrogen technology that will significantly reduce emissions.

24 May 2024

The group took delivery of Windcat 57, the first CTV of the new hydrogen-powered MK5 series. The vessel is deployed in Scotland.

10 June 2024

FRS Windcat Polska, together with Gdansk based shipyard ALU International, has ordered two hydrogen-powered newbuild CTVs, dedicated to the Polish offshore wind industry.

18 June 2024

The group successfully completed the sale of Euronav Ship Management Hellas (ESMH) to Anglo- Eastern.

24 June 2024

CMB.TECH took delivery of the fifth super-eco Newcastlemax Mineral Deutschland (2024 – 210,000 dwt).

28 June 2024

CMB.TECH took delivery of the Bochem Shanghai (2024 – 25,000 dwt).

2 July 2024

The Extraordinary General meeting approved the name change from Euronav to CMB.TECH.

15 July 2024

The group changed its ticker from EURN to CMBT.

5 August 2024

The Newcastlemax Mineral Italia (2024 – 210,000 dwt) was delivered.

6 August 2024

The container vessel CMA CGM Etosha (2024 – 6,000 TEU) was delivered.

8 August 2024

The chemical tanker Bochem New Orleans (2024 – 25,000 dwt) was delivered.

28 August 2024

The Newcastlemax Mineral Danmark (2024 – 210,000 dwt) was delivered.

4 September 2024

JPNH₂YDRO, a joint venture between CMB.TECH, TSUNEISHI Facilities & Craft and Kambara Kisen, held an official ceremony to inaugurate the new hydrogen engine R&D Center.

26 September 2024

CMB.TECH sold two Suezmax vessels, Statia (2006, 150,205 dwt) & Sapphira (2008, 150,205 dwt) to a wholly owned subsidiary of CMB NV as part of the fleet rejuvenation.

1 October 2024

The name change of Euronav NV to CMB.TECH NV, which was approved by shareholders at the Extraordinary General Meeting of Euronav NV on 2 July 2024, became effective.

7 October 2024

The Suezmax Helios (2024 - 156,790 dwt) was delivered.

8 October 2024

The Newcastlemax Mineral Eire (2024 – 210,000 dwt) was delivered.

15 October 2024

The Newcastlemax Mineral Hellas (2024- 210,000 dwt) was delivered.

15 October 2024

The chemical tanker Bochem Brisbane (2024 - 25,000 dwt) was delivered.

16 October 2024

The container vessel CMA CGM Dolomites (2024 - 6,000 TEU) was delivered.

23 October 2024

CMB reopened its Belgian public takeover bid on all shares in CMB.TECH not already owned by CMB or persons affiliated with it.

21 November 2024

The public takeover bid launched by CMB NV on all shares in CMB.TECH, not already owned by CMB or persons affiliated with it, expired.

22 November 2024

The Newcastlemax Mineral Espana (2024 – 210,000 dwt) was delivered.

25 November 2024

The Suezmax Orion (2024 - 156,790 dwt) was delivered.

9 December 2024

CMB.TECH sold three Suezmax vessels, Selena (2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt) & Cap Felix (2008, 158,765 dwt).

18 December 2024

The group, together with Damen Shipyards, successfully launched the second Windcat CSOV in the water in Vietnam.

Events occurring after the end of the financial year ending 31 December 2024

On 31 December 2024, CMB.TECH has sold the Suezmax Cap Lara (2007, 158,826 dwt). The sale will generate a capital gain of USD 18.78 million. The vessel was delivered to its new owner on 10 March 2025.

On 7 January 2025, the Company took delivery of Newcastlemax Mineral Portugal (2025 - 210,754 dwt).

On January 13, 2025, Windcat Workboats International BV, a subsidiary of CMB.TECH, has ordered a newbuild hydrogen-powered (dual fuel) multifunctional harbour utility vessel (MPHUV) with Neptune Construction. Delivery is scheduled end 2025, beginning 2026.

On 23 January 2025, the Company took delivery of Newcastlemax Mineral Osterreich (2025- 210,761 dwt).

On 27 January 2025, The VLCC Alsace (2012 – 299,999 DWT) has successfully been delivered to its new owner. A capital gain of approximately USD 27.46 million will be accounted for in Q1 2025.

The Windcat 6 has also been sold, after 18 years of service. The sale will generate a capital gain of 0.25 million USD. The vessel was delivered to its new owner in Q1 2025.

On 4 March 2025, CMB.TECH NV announced that it has entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca. 40.8%2 of Golden Ocean’s outstanding shares and votes which includes all Golden Ocean shares controlled by Hemen), at a price of USD 14.49 per share.

On 24 March 2025, CMB.TECH announced that it has signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL TANKERS PTE. LTD. (“MOLCT”) for nine ammonia-powered vessels. These vessels will be among the world's first ammonia-powered Newcastlemax bulk carriers and chemical tankers. The delivery of these ships is expected between 2026 and 2029. Three ammonia-fitted 210.000 dwt Newcastlemax bulk carriers currently on order at Qingdao Beihai Shipyard will be jointly owned by CMB.TECH and MOL and chartered to MOL for a period of 12 years each. Six chemical tankers - two ammonia fitted and four ammonia-ready - have been ordered at China Merchants Jinling Shipyard (Yangzhou) by CMB.TECH and chartered to MOLCT for 10 and 7 years each respectively.

On 21 March 2025, Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the Company. Taking into account these changes, the Board of Directors currently consists of Mr. James O’Shaughnessy, Ms. Tonesan Amissah, Mr. Patrick De Brabandere and Mr. Patrick Molis.

In March 2025, the Company took delivery of the CTV Hydrocat 60.

Financial calendar 2025

10 April 2025

Annual report 2024 available on the website

14 May 2025

Announcement of first quarter results 2025

15 May 2025

Annual General Meeting of Shareholders

7 August 2025

Announcement of second quarter results 2025

14 August 2025

Half year report 2025 available on website

13 November 2025

Announcement of third quarter results 2025

26 February 2026

Announcement of fourth quarter results 2025

The Supervisory Board, represented by Marc Saverys, its Chairman, and the Management Board, represented by Alexander Saverys, Chief Executive Officer, and Ludovic Saverys, Chief Financial Officer, hereby confirm, in the name and for account of CMB.TECH that, to the best of their knowledge the consolidated financial statements as of and for the year ended 31 December 2024 presented herein were established in accordance with applicable accounting standards (IFRS as adopted by the EU) and give a true and fair view, as defined by these standards, of the assets, liabilities, financial position and results of CMB.TECH NV.

On behalf of the Supervisory Board and the Management Board:

Alexander Saverys                                Marc Saverys
Chief Executive Officer                           Chairman of the Supervisory Board

Contact

CMB.TECH
Katrien Hennin
Head of Marketing and Communications CMB.TECH
+32 499 39 34 70
[email protected]

Joris Daman
Head of Investor Relations
Tel: +32 498 61 71 11
[email protected]

Annual report available on the website – 10 April 2025

About CMB.TECH

CMB.TECH (all capitals) is a diversified and future-proof maritime group. We own and operate more than 150 seagoing vessels: crude oil tankers, dry bulk vessels, container ships, chemical tankers, offshore wind vessels & workboats. We also offer hydrogen and ammonia fuel to customers, through own production or third-party producers.

The company is headquartered in Antwerp, Belgium, and has offices across Europe, Asia, United States and Africa.

CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol CMBT.

More information can be found at https://cmb.tech

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other   factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Condensed consolidated statement of financial position

(in thousands of USD)

December 31, 2024   December 31, 2023 ASSETS   Non-current assets  Vessels   2,617,484   1,629,570 Assets under construction   628,405   106,513 Right-of-use assets   1,910   32,936 Other tangible assets   21,628   644 Prepayments   1,657   — Intangible assets   16,187   14,194 Receivables   75,076   2,888 Investments   61,806   518 Deferred tax assets   10,074   280  Total non-current assets   3,434,227   1,787,543  Current assets  Inventory   26,500   22,511 Trade and other receivables   235,883   307,111 Current tax assets   3,984   869 Cash and cash equivalents   38,869   429,370 305,236   759,861  Non-current assets held for sale   165,583   871,876  Total current assets   470,819   1,631,737  TOTAL ASSETS   3,905,046   3,419,280   EQUITY and LIABILITIES   Equity  Share capital   239,148   239,148 Share premium   460,486   1,466,529 Translation reserve   (2,045)   235 Hedging reserve   2,145   1,140 Treasury shares   (284,508)   (157,595) Retained earnings   777,098   807,916  Equity attributable to owners of the Company   1,192,324   2,357,373  Non-current liabilities  Bank loans   1,450,869   362,235 Other notes   198,887   198,219 Other borrowings   667,361   71,248 Lease liabilities   1,451   3,363 Other payables   —   146 Employee benefits   1,060   1,669 Provisions   —   274 Deferred tax liabilities   438   —  Total non-current liabilities   2,320,066   637,154  Current liabilities  Trade and other payables   79,591   124,013 Current tax liabilities   9,104   4,768 Bank loans   201,937   166,124 Other notes   3,733   3,733 Other borrowings   95,724   92,298 Lease liabilities   2,293   33,493 Provisions   274   324  Total current liabilities   392,656   424,753  TOTAL EQUITY and LIABILITIES   3,905,046   3,419,280

Condensed consolidated statement of profit or loss

(in thousands of USD except per share amounts)

2024   2023 Jan. 1 - Dec. 31, 2024   Jan. 1 - Dec. 31, 2023 Shipping income  Revenue   940,246   1,235,127 Gains on disposal of vessels/other tangible assets   635,019   372,444 Other operating income   50,660   23,316 Total shipping income   1,625,925   1,630,887  Operating expenses  Raw materials and consumables   (3,735)   — Voyage expenses and commissions   (174,310)   (142,090) Vessel operating expenses   (199,646)   (231,033) Charter hire expenses   (138)   (4,500) Loss on disposal of vessels/other tangible assets   (2)   — Depreciation tangible assets   (163,148)   (219,428) Depreciation intangible assets   (2,881)   (1,612) Impairment losses   (1,847)   — General and administrative expenses   (77,766)   (62,532) Total operating expenses   (623,473)   (661,195)  RESULT FROM OPERATING ACTIVITIES   1,002,452   969,692  Finance income   38,689   67,168 Finance expenses   (169,339)   (171,897) Net finance expenses   (130,650)   (104,729)  Share of profit (loss) of equity accounted investees (net of income tax)   920   (927)  PROFIT (LOSS) BEFORE INCOME TAX   872,722   864,036  Income tax benefit (expense)   (1,893)   (6,009)  PROFIT (LOSS) FOR THE PERIOD   870,829   858,027  Attributable to:  Owners of the company   870,829   858,027  Basic earnings per share   4.44   4.25 Diluted earnings per share   4.44   4.25  Weighted average number of shares (basic)   196,041,579   201,901,743 Weighted average number of shares (diluted)   196,041,579   201,901,743

Condensed consolidated statement of comprehensive income

(in thousands of USD)

2024   2023 Jan. 1 - Dec. 31, 2024   Jan. 1 - Dec. 31, 2023  Profit/(loss) for the period   870,829   858,027  Other comprehensive income (expense), net of tax  Items that will never be reclassified to profit or loss:  Remeasurements of the defined benefit liability (asset)   200   (116)  Items that are or may be reclassified to profit or loss:  Foreign currency translation differences   (2,280)   259 Cash flow hedges - effective portion of changes in fair value   1,005   (6,164) Cash flow hedges - effective portion unwinding   —   (25,749)  Other comprehensive income (expense), net of tax   (1,075)   (31,770)  Total comprehensive income (expense) for the period   869,754   826,257  Attributable to:  Owners of the company   869,754   826,257

Condensed consolidated statement of changes in equity

(in thousands of USD)

Share capital Share premium Translation reserve Hedging reserve Treasury shares Retained earnings Total equity  Balance at January 1, 2023 239,148 1,678,336 (24) 33,053 (163,024) 385,976 2,173,465  Profit (loss) for the period — — — — — 858,027 858,027 Total other comprehensive income (expense) — — 259 (31,913) — (116) (31,770) Total comprehensive income (expense) — — 259 (31,913) — 857,911 826,257  Transactions with owners of the company  Dividends to equity holders — (211,807) — — — (434,487) (646,294) Treasury shares delivered in respect of share-based payment plans — — — — 5,429 — 5,429 Equity-settled share-based payment — — — — — (1,484) (1,484) Total transactions with owners — (211,807) — — 5,429 (435,971) (642,349)  Balance at December 31, 2023 239,148 1,466,529 235 1,140 (157,595) 807,916 2,357,373    Share capital Share premium Translation reserve Hedging reserve Treasury shares Retained earnings Total equity  Balance at January 1, 2024 239,148 1,466,529 235 1,140 (157,595) 807,916 2,357,373  Profit (loss) for the period — — — — — 870,829 870,829 Total other comprehensive income (expense) — — (2,280) 1,005 — 200 (1,075) Total comprehensive income (expense) — — (2,280) 1,005 — 871,029 869,754  Transactions with owners of the company  Business Combination — — — — — (796,970) (796,970) Dividends to equity holders — (1,006,043) — — — (104,877) (1,110,920) Treasury shares acquired — — — — (126,913) — (126,913) Total transactions with owners — (1,006,043) — — (126,913) (901,847) (2,034,803)  Balance at December 31, 2024 239,148 460,486 (2,045) 2,145 (284,508) 777,098 1,192,324

Condensed consolidated statement of cash flows

(in thousands of USD)

2024   2023 Jan. 1 - Dec. 31, 2024   Jan. 1 - Dec. 31, 2023 Cash flows from operating activities  Profit (loss) for the period   870,829   858,027  Adjustments for:   (355,549)   (40,034) Depreciation of tangible assets   163,148   219,428 Depreciation of intangible assets   2,881   1,612 Impairment losses   1,847   — Provisions   (325)   (295) Income tax (benefits)/expenses   1,893   6,009 Share of profit of equity-accounted investees, net of tax   (920)   927 Net finance expense   130,650   104,729 (Gain)/loss on disposal of assets   (635,017)   (372,444) (Gain)/loss on disposal of subsidiaries   (19,706)   —  Changes in working capital requirements   39,307   105,881 Change in cash guarantees   (46,869)   12,234 Change in inventory   5,197   19,132 Change in receivables from contracts with customers   95,930   43,036 Change in accrued income   7,410   (2,286) Change in deferred charges   (6,065)   2,096 Change in other receivables   3,317   1,163 Change in trade payables   (14,867)   17,336 Change in accrued payroll   (94)   603 Change in accrued expenses   (18,999)   8,686 Change in deferred income   6,602   (187) Change in other payables   7,758   263 Change in provisions for employee benefits   (13)   3,805  Income taxes paid during the period   (4,549)   (6,675) Interest paid   (109,136)   (130,375) Interest received   17,112   50,556 Dividends received from equity-accounted investees   1,050   —  Net cash from (used in) operating activities   459,064   837,380  Acquisition of vessels and vessels under construction   (1,114,907)   (337,195) Proceeds from the sale of vessels   1,718,862   1,206,636 Acquisition of other tangible assets and prepayments   (5,022)   (1,407) Acquisition of intangible assets   (1,541)   (60) Proceeds from the sale of other (in)tangible assets   2,000   — Loans from (to) related parties   (4,485)   — Net cash on deconsolidation / sale of subsidiaries   822   — Investments in other companies   (45,000)   — Net cash paid in business combinations and joint ventures   (1,152,620)   — Repayment of loans from related parties   (79,930)   — Lease payments received from finance leases   1,591   1,706  Net cash from (used in) investing activities   (680,230)   869,680  (Purchase of) Proceeds from sale of treasury shares   (126,913)   — Proceeds from new borrowings   2,722,525   2,694,127 Repayment of borrowings   (1,177,328)   (2,933,724) Repayment of lease liabilities   (33,879)   (21,942) Repayment of commercial paper   (357,171)   (458,272) Repayment of sale and leaseback   (54,299)   (96,006) Transaction costs related to issue of loans and borrowings   (19,223)   (14,530) Dividends paid   (1,126,683)   (630,540)  Net cash from (used in) financing activities   (172,971)   (1,460,887)   Net increase (decrease) in cash and cash equivalents   (394,137)   246,173  Net cash and cash equivalents at the beginning of the period   429,370   179,929 Effect of changes in exchange rates   3,636   3,268  Net cash and cash equivalents at the end of the period   38,869   429,370  of which restricted cash   —   —

1 Excluding treasury shares
2 Excluding treasury shares

Attachment

CMBT_FinalYearResults_E

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